How Long Does a Short Sale Take?
Many factors influence how long a short sale will take, from finding a qualified buyer to receiving the lender’s approval. In addition, homeowners will need more time if they have multiple loans on the property. Because of these multiple factors influencing the timeline, it is hard to determine when the sale will go through; therefore, […]
How to Sell a Short Sale: Navigating the Short Sale Process With Your Home
Whether due to financial difficulties or the need to move to a new location, short sales allow a homeowner to sell the home for less than the loan balance. Because the sale price will not cover repayment of the mortgage in full, lenders must issue their approval of a short sale, which is why there […]
What is a Short Sale? A Look at the Short Sale Process
Short sales are a viable way for homeowners to avoid foreclosure when they are no longer able to make their monthly mortgage payments, and when the current market value of the home is less than the remaining mortgage balance. In a short sale, the property can be sold for less than the amount owed on […]
What is Foreclosure? A Look at the Home Foreclosure Process
If financial difficulties prevent homeowners from making mortgage payments, homeowners can end up in foreclosure, a legal process that allows the lender to take control of the homeowner’s property and resell it to recoup the losses. In many states, foreclosure begins after four months of missed payments, though the process can begin sooner as most […]
Short Sale vs. Foreclosure: Which Option is Best in Which Scenarios?
Although both result in giving up a home that homeowners can no longer afford, short sales and foreclosures differ in many key ways. The main difference is that a short sale is a voluntary process initiated by the seller, while a foreclosure is an involuntary process initiated by the lender. Once a lender proceeds with […]